# Table 11: World Average Time-Series Regressions (OLS, Newey-West HAC)

| Variable | 10y rate (World) | 3m rate (World) | Inflation (World) |
|---|---|---|---|
| old_dep_std | -2.126*** (0.312) | -1.818*** (0.367) | -2.293 (3.456) |
| working_age_share_std | 0.225 (0.488) | -0.907** (0.424) | -2.859 (2.803) |
| rgdp_growth | -0.025 (0.127) | -0.091 (0.113) | 0.585 (0.871) |
| inflation | 0.009 (0.006) | 0.012 (0.008) |  |
|---|---|---|---|
| R² | 0.678 | 0.740 | 0.051 |
| N years | 45 | 43 | 45 |
| SE | Newey-West HAC | Newey-West HAC | Newey-West HAC |

*GDP-weighted world averages. Demographic variables (old_dep, working_age_share) standardized to per-1-SD units.*